W. Va. Code R. § 114-11C-4

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 114-11C-4 - Policies to Be Illustrated

4.1. Each insurer marketing policies to which this rule applies shall notify the Insurance Commissioner whether a policy form is to be marketed with or without an illustration. The insurer shall identify in writing all policy forms being actively marketed on the effective date of this rule, and whether an illustration will be used with them. The identification of policy forms filed after the effective date of this rule shall be made at the time of filing. An insurer may change any previous identification by notice to the Insurance Commissioner.

4.2. The insurer may not use an illustration for any policy form identified as one to be marketed without an illustration prior to the first policy anniversary.

4.3. The insurer shall prepare and deliver to the Insurance Commissioner a basic illustration in accordance with this rule for each policy form identified by the insurer as one to be marketed with an illustration, except that a basic illustration need not be provided to individual members of a group or to individuals insured under multiple lives coverage issued to a single applicant unless the coverage is marketed to these individuals. The illustration furnished an applicant for a group life insurance policy or policies issued to a single applicant on multiple lives may be either an individual or composite illustration representative of the coverage on the lives of members of the group or the multiple lives covered.

4.4. The insurer shall furnish potential enrollees of non-term group life subject to this rule with a quotation with the enrollment materials. The quotation shall show potential policy values for sample ages and policy years on a guaranteed and non-guaranteed basis appropriate to the group and the coverage. This quotation is not an illustration for purposes of this rule, but all information provided must be consistent with the illustrated scale. The insurer shall provide a basic illustration at delivery of the certificate to enrollees for non-term group life who enroll for more than the minimum premium necessary to provide pure death benefit protection. In addition, the insurer shall make a basic illustration available to any non-term group life enrollee who requests it.

W. Va. Code R. § 114-11C-4